证券代码：603899 证券简称：晨光股份 公告编号：2025-030 上海晨光文具股份有限公司 关于董事辞任暨选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海晨光文具股份有限公司（以下简称"公司"）董事会于近日收到公司董 事付昌先生的书面辞职报告，付昌先生因工作调整原因申请辞去公司第六届董事 会董事职务，该辞职报告自送达公司董事会之日起生效。付昌先生辞任后仍在公 司担任其他职务。 | 姓名 | 辞任 职务 | 辞任时间 | 原定任期到期日 | | 辞任原因 | 是否继续在上 市公司及其控 | 具体职 务（如适 | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 股子公司任职 | 用） | | | | | | | | | | | 承诺 | | 付昌 | 董事 | 2025 年 9 月 15 日 | 2026 年 4 月 | 19 日 | 工作调整 | 是 | 副总裁 | 否 ...

关于上海晨光文具股份有限公司 1. 提供予本所之文件中的所有签署、盖章及印章都是真实的,所有作为正本 提交给本所的文件都是真实、准确、完整的; 2. 提供予本所之文件中所述的全部事实都是真实、准确、完整的; 3. 提供予本所之文件的签署人均具有完全的民事行为能力,并且其签署行为 已获得恰当、有效的授权; 4. 所有提交给本所的复印件是同原件一致的,并且这些文件的原件均是真 实、完整、准确的。 在出具本法律意见书之前,本所律师声明如下: 1. 本所及本所律师依据《证券法》、《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行 )》等规定及本法律意见书出具日以 前已经发生或者存在的事实,严格履行了法定职责,遵循了勤勉尽责和诚实信用 原则,进行了充分的核查验证,保证本法律意见所认定的事实真实、准确、完整, 所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或者重大遗漏, 并承担相应法律责任。 2025年第一次临时股东会之法律意见书 致:上海晨光文具股份有限公司 君合律师事务所上海分所(以下简称"本所")接受上海晨光文具股份有限公 司（以下简称"公司"）的委托,根据《中华人民共和国公 ...

2025年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 证券代码：603899 证券简称：晨光股份 公告编号：2025-029 上海晨光文具股份有限公司 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 9 月 12 日 (二)股东会召开的地点：上海市松江区新桥镇千帆路 288 弄 5 号楼 (四)表决方式是否符合《公司法》及《公司章程》的规定，股东会主持情况等。 本次会议由董事会召集，公司董事长陈湖文先生主持会议。会议采用现场投 票和网络投票相结合的表决方式。本次会议的召集、召开程序以及表决方式和表 决程序符合《公司法》和《公司章程》的规定。 (五)公司董事和董事会秘书的出席情况 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 486 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 683,648,294 | | 3、出席会议的股东所持有表 ...

Market Overview - The entertainment products sector experienced a decline of 1.14% on September 12, with Jinling Sports leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Individual Stock Performance - High乐股份 (Code: 002348) closed at 4.00, up 2.83% with a trading volume of 474,700 shares and a transaction value of 188 million [1] - 海伦钢琴 (Code: 300329) closed at 13.11, up 1.00% with a trading volume of 78,100 shares and a transaction value of 103 million [1] - 金陵体育 (Code: 300651) closed at 24.68, down 4.16% with a trading volume of 133,100 shares and a transaction value of 331 million [2] Capital Flow Analysis - The entertainment products sector saw a net outflow of 100 million from institutional investors, while retail investors had a net inflow of 90.34 million [2] - The main capital inflow and outflow for individual stocks showed that 高乐股份 had a net inflow of 31.96 million from institutional investors [3] - In contrast, 金陵体育 experienced a significant net outflow of 33.1 million from institutional investors [3]

Summary of the Conference Call for Morning Glory Co., Ltd. Company Overview - **Company**: Morning Glory Co., Ltd. (晨光股份) - **Date of Call**: September 11, 2025 Key Points Industry and Company Developments - **Traditional Stationery Innovation**: Morning Glory is enhancing the appeal of traditional stationery through IP empowerment and product innovation, such as the "Menglibi" and blind box pens, receiving positive feedback at university ordering events, indicating significant innovation potential in the traditional stationery sector [2][4] - **New Retail Channel Growth**: The new retail channel, Jiwu Zawush (九木杂物社), is steadily developing with plans to open over 100 new stores annually, although overall revenue faces pressure from declining traditional core retail business [2][5] - **Keli Pu Business Recovery**: Keli Pu experienced a brief decline but returned to positive growth in Q2 2025, exceeding market expectations, although low profit margins impacted overall profitability [2][6] - **IP Derivative Products**: Morning Glory has increased investment in IP derivative products, establishing a subsidiary "Qizhi Haowan" which achieved nearly 200 million in revenue and close to 10 million in profit in 2024, opening new growth avenues in plush toys and figurines [2][7] Strategic Focus on IP Business - **Strategic Importance of IP**: Morning Glory is elevating its IP business to a strategic level, continuously launching new products and leveraging existing channels like Jiwu Zawush and campus stores to enhance the competitiveness of new IP products [2][10] - **Revenue Contribution from New IP Products**: Retail revenue is nearing 10 billion, with new IP derivative products expected to contribute 10%-15% of revenue, significantly improving profit structure due to higher profit margins compared to traditional products [2][11] Market Trends and Consumer Behavior - **Growth in Emotional Consumption**: Since 2019, China's per capita GDP has surpassed 10,000 USD, leading to a boom in cultural and entertainment consumption, with emotional consumption and IP derivative products rapidly rising [8][9] - **Competitive Landscape**: The market is seeing significant growth in brands like Pop Mart and 52 Toys, providing opportunities for companies like Morning Glory to innovate and meet consumer demand [9] Retail and Profitability Insights - **Current Retail Performance**: Morning Glory's retail revenue is close to 10 billion, with Jiwu Zawush contributing approximately 1 to 2 billion. While new IP products may have limited revenue impact, they significantly enhance profit margins [11] - **Future Growth Potential**: Investors should monitor the stabilization of traditional core retail business, as a recovery could lead to double-digit growth in new revenue streams from stationery and derivative products, enhancing overall performance [11] Challenges and Opportunities - **Keli Pu Business Challenges**: The Keli Pu segment faces challenges due to economic conditions affecting government and corporate budgets, but positive growth in Q2 2025 indicates strong market competitiveness [17] - **International Expansion**: Morning Glory's international sales, while currently a small portion of retail income, are growing rapidly, particularly in Southeast Asia and Africa, with actual brand export revenue growth exceeding 50% [3][18] Channel Strategy and Changes - **Channel Evolution**: Morning Glory is shifting its channel strategy, reducing reliance on traditional campus stores and focusing on quality over quantity, with a core focus on 20,000-30,000 key terminals [14][15] Jiwu Zawush Development - **Target Market Focus**: Jiwu Zawush is targeting young female consumers, with management changes aimed at improving profitability and maintaining a goal of opening over 100 new stores annually [15][16] This summary encapsulates the key insights and developments discussed during the conference call, highlighting Morning Glory's strategic initiatives, market trends, and future growth potential.

Market Overview - The entertainment products sector experienced a slight decline of 0.01% on September 10, with Yuanfei Pet leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Jinling Sports (300651) saw a significant increase of 9.93%, closing at 26.35 with a trading volume of 340,200 shares and a transaction value of 889 million [1] - Other notable gainers included Sanbai Shuo (001300) with a 3.21% increase, Shuhua Sports (662509) up 2.83%, and Kangliyuan (301287) up 2.44% [1] - Conversely, Yuanfei Pet (001222) led the declines with an 8.26% drop, closing at 26.44, with a trading volume of 90,500 shares and a transaction value of 248 million [2] Capital Flow - The entertainment products sector saw a net inflow of 6.14 million from institutional investors, while retail investors contributed a net inflow of 16.35 million [2] - However, there was a net outflow of 22.50 million from speculative funds [2] Individual Stock Capital Flow - Jinling Sports (300651) had a net inflow of 19.79 million from institutional investors, while it experienced a net outflow of 16.15 million from retail investors [3] - Mingyue Lens (301101) reported a net inflow of 14.36 million from institutional investors but a net outflow of 15.08 million from retail investors [3] - Shuhua Sports (605299) had a net inflow of 4.34 million from institutional investors, with a minor net inflow from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company reported a revenue of 55.6 billion yuan in Q2 2025, which is approximately flat year-on-year, and a net profit attributable to shareholders of 2.4 billion yuan, down 5.6% year-on-year. For the first half of 2025, the revenue was 108.1 billion yuan, a decrease of 2.2% year-on-year, and the net profit was 5.6 billion yuan, down 12.0% year-on-year [1] - The decline in revenue and profit is attributed to external environmental factors and changes in consumer preferences and purchasing habits. The company is focusing on long-term strategies in product development, technological innovation, original design, IP empowerment, green initiatives, digitalization, and globalization to stabilize its core business and grow new businesses [1] - The gross margin for the first half of 2025 was 19.5%, remaining stable year-on-year, while the net profit margin was 5.2%, down 0.6 percentage points year-on-year [1] Product Segment Summary - Writing tools generated revenue of 11.4 billion yuan, down 0.2% year-on-year, with a gross margin of 45.6%, up 2.6 percentage points year-on-year [2] - Student stationery revenue was 14.3 billion yuan, down 8.5% year-on-year, with a gross margin of 36.3%, up 0.9 percentage points year-on-year [2] - Office stationery revenue was 16.1 billion yuan, down 8.5% year-on-year, with a gross margin of 26.0%, up 0.4 percentage points year-on-year [2] Traditional Business Overview - The traditional core business saw a revenue decline of 7% year-on-year after excluding related party transactions, primarily due to external consumption environment and purchasing habits. However, the company’s new channel development, particularly in its technology segment, achieved a revenue of 5.56 billion yuan, growing 15.14% year-on-year [3] - The company is enhancing product capabilities through consumer insights-driven innovation and promotional strategies, focusing on high-quality, functional, and IP-based products. It has established a diversified IP cooperation ecosystem, combining self-developed IP incubation with collaborations with popular domestic and international IPs [3] Overseas Market Development - The company is actively developing overseas markets with a focus on localization strategies, targeting key countries, and refining its overseas business models, channel strategies, and product offerings. The overseas business has shown rapid growth, particularly in Africa and Southeast Asia [4] Retail Store Performance - The revenue from the company's retail stores, including Jiwu Miscellaneous Society, reached 7.79 billion yuan, an increase of 7.0% year-on-year, with Jiwu Miscellaneous Society contributing 7.6 billion yuan, up 9.5% year-on-year. The company operates over 830 retail stores nationwide [6]

Core Viewpoint - M&G Stationery is leveraging collaborations with domestic animation IPs to connect with younger consumers and enhance brand youthfulness, reflecting a strategic shift towards cultural confidence and emotional engagement [2][4][5]. Group 1: Brand Strategy and Development - M&G Stationery has partnered with popular domestic animation IPs like "Jian Lai" and "Zhan Shen" to create co-branded products, aiming to resonate with the younger generation [6][12]. - The brand's strategy focuses on three key factors when selecting IPs: alignment of user demographics, the vitality of the IP, and the consistency of values between the IP and M&G [6][7]. - The collaboration with animation IPs is seen as a way to communicate and build emotional connections with a new generation of consumers who value cultural identity [5][14]. Group 2: Product Performance and Market Response - The co-branded product series has performed well in the market, particularly the "Zhan Shen" series, which combines emotional value with practical utility [7][9]. - M&G employs a consumer-centric approach in product development, conducting extensive research to understand consumer needs and preferences [11][12]. - The brand's participation in events like the National Animation Carnival showcases its commitment to engaging with young consumers through innovative marketing strategies [9][11]. Group 3: Cultural Significance and Future Outlook - M&G views stationery not just as functional products but as carriers of Chinese culture and emotional connections, aiming to expand cultural consumption scenarios [14][15]. - The brand is exploring international markets, particularly in Japan, where it has established partnerships and received positive consumer feedback [17]. - M&G's vision for domestic animation IPs includes a focus on sustainable growth and cultural export, emphasizing the importance of cultural identity in global markets [15][17].

Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The report highlights a significant divergence in sector performance, suggesting investors focus on sectors with improving conditions [2] - The furniture sector is experiencing a slight decline in revenue, with a year-on-year decrease of 4.4% in Q2 2025, although soft furniture shows relatively better performance [7][8] - The personal care sector demonstrates resilience with a year-on-year revenue increase of 14% in Q2 2025, indicating strong demand [6] - The toy sector shows short-term revenue differentiation but has substantial long-term growth potential, with a year-on-year revenue decrease of 2% in Q2 2025 [6] - The export chain is facing performance differentiation, with companies having overseas production capabilities showing better revenue growth [6] - The two-wheeler sector is benefiting from trade-in incentives, leading to significant revenue growth [6] - The smart glasses market is experiencing explosive growth, with sales of Ray-Ban Meta smart glasses increasing by over 200% year-on-year in the first half of 2025 [6] - The paper industry is expected to see price increases as raw material prices recover, with integrated pulp and paper companies performing better [6] - The packaging sector is witnessing improved revenue growth, driven by an optimized domestic market structure and rising raw material prices [6] Summary by Sections Furniture Sector - The furniture sector's revenue in Q2 2025 decreased by 4.4% year-on-year, with soft furniture showing better growth [7][8] - Contract liabilities and advance payments in the furniture sector increased by 42.8% year-on-year, indicating potential future revenue growth [9] - The sector's net profit after deducting non-recurring items decreased by 7.8% year-on-year in Q2 2025, with slight fluctuations in profitability [10][13] Personal Care Sector - The personal care sector's revenue increased by 14% year-on-year in Q2 2025, reflecting strong demand and resilience [6] - The focus on product quality is becoming increasingly important to consumers [6] Toy Sector - The toy sector is experiencing short-term revenue differentiation, with a 2% year-on-year revenue decline in Q2 2025, but has significant long-term growth potential [6] Export Chain - The export chain is facing performance differentiation, with companies that have overseas production capabilities achieving better revenue performance [6] Two-Wheeler Sector - The two-wheeler sector is benefiting from trade-in incentives, leading to significant revenue growth in Q2 2025 [6] Smart Glasses - The smart glasses market is experiencing explosive growth, with sales of Ray-Ban Meta smart glasses increasing by over 200% year-on-year in the first half of 2025 [6] Paper Industry - The paper industry is expected to see price increases as raw material prices recover, with integrated pulp and paper companies performing better [6] Packaging Sector - The packaging sector is witnessing improved revenue growth, driven by an optimized domestic market structure and rising raw material prices [6]

Core Viewpoint - Morning Glory Co., Ltd. has experienced a decline in stock price and revenue, indicating potential challenges in its business performance and market position [1][2]. Group 1: Stock Performance - On September 5, Morning Glory's stock price fell by 2.02%, reaching 29.65 CNY per share, with a total market capitalization of 27.307 billion CNY [1]. - Year-to-date, the stock price has increased by 1.34%, but it has decreased by 2.66% over the last five trading days, 5.12% over the last twenty days, and 10.59% over the last sixty days [1]. Group 2: Financial Performance - For the first half of 2025, Morning Glory reported a revenue of 10.809 billion CNY, a year-on-year decrease of 2.19%, and a net profit attributable to shareholders of 557 million CNY, down 11.97% year-on-year [2]. - Cumulatively, the company has distributed 4.701 billion CNY in dividends since its A-share listing, with 2.117 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 39,200, with an average of 23,516 circulating shares per shareholder, a decrease of 1.84% from the previous period [2]. - The top shareholders include Invesco Great Wall New Growth Mixed Fund and Hong Kong Central Clearing Limited, with significant holdings remaining stable or increasing [3].